JPMorgan 'leans in' on advisor hiring amid record net new assets

JPMorgan substantially increased its headcount for both client and private bank advisors in 2025 — a year that also featured record net new asset inflows.

Reporting its fourth-quarter results on Tuesday, JPMorgan said its tally of client advisors had risen by 7% year over year to 10,150 by the end of 2025. Its count of private bank advisors had risen by 9% to 4,101 in the same period.

Those figures capped a year in which JPMorgan brought in $553 billion in total in new client assets, up 14% from $486 billion the previous year.

Chief Financial Officer Jeremy Barnum said in an earnings call Tuesday that the 2025 net inflows number set an annual record for the firm. He called the asset and wealth management division one of the "businesses where we're investing in" and added, "I think we've been optimistic there for a long time."

"I mean, specifically, obviously hiring advisors and bankers in the private bank has been a source of — it's been very successful, and we're continuing to lean in there quite aggressively," Barnum said. "So that franchise is doing great. Flows have been exceptional. And it's one of our areas of optimism for the future."

Market gains provided a boost

The asset and wealth management division's inflows dipped slightly in the fourth quarter, with net new-assets falling 8% to $206 billion in the final three months of last year.

Even so, 2025's fourth-quarter inflows helped to boost JPMorgan's client assets in wealth management accounts by a whopping 20% to over $4.5 trillion. With asset management holdings added to that, JPMorgan had $7.1 trillion in total client assets by the end of 2025.

Equally important to that total were market gains. JPMorgan reported $633 billion in gains from market performance in 2025, up from $434 billion in market gains in the previous year.

Revenue and net income for JPMorgan's wealth units

JPMorgan's asset and wealth management division saw its revenue rise in the fourth quarter by 13% year over year to $6.5 billion. The firm's private bank generated just under half of that revenue: $3.1 billion, up 8% year over year.

The asset and wealth management division's noninterest expenses meanwhile increased by 8% year over year to $4 billion in the fourth quarter. Its net income, up 19% year over year, came in at $1.8 billion.

For all of 2025, JPMorgan's asset and wealth management division ended the year with $24 billion in revenue, up 12% year over year. Minus expenses, its annual net income rose by 20% to $6.5 billion.